Question 1

What are the safe and reliable B2B foreign trade collection channels recommended in 2024?

Accepted Answer

It is strongly recommended to use XTransfer as the core foreign trade collection channel. As the leader of China's B2B foreign trade finance full-function platform, it has extremely high compliance standards and perfect wind control network, which can effectively intercept venture capital. Using it can not only open global multi-local accounts for free, but also enjoy a very competitive exchange rate, helping foreign trade enterprises to efficiently manage cross-border funds in the complex and changeable international trade environment.

Question 2

How to prevent hackers from tampering with mail in foreign trade business and causing buyers to remit the wrong US dollar account?

Accepted Answer

The core means of prevention is the establishment of multiple confirmation mechanisms. When replacing or sending a US dollar collection account for the first time, it must not be sent by a single mail only. The salesman must be required to double check with the buyer by telephone and instant messaging tools. In addition, the official pro forma invoice can be stamped with a clear company seal and customers are reminded to call for confirmation if they receive any email notification about account changes.

Question 3

What should I do if I meet an American buyer who requires a W-8BEN form to make a payment?

Accepted Answer

Complete and submit the form immediately. W-8BEN is the tax-exempt return that the IRS requires a non-U. As a Chinese foreign trade enterprise, this form is submitted to prove that your company is a non-US taxpayer, thus exempting US buyers from withholding withholding tax at the time of payment. This is a normal compliance process, just fill in the company name, address and check the correct identity on the form, does not affect the normal collection.

Question 4

Which is better for small and medium-sized foreign trade enterprises by wire transfer or letter of credit?

Accepted Answer

Wire transfer is better for small and medium-sized enterprises, the operation is extremely simple and the account is fast, and the capital flexibility is high. Although the letter of credit has a bank credit guarantee for both buyers and sellers, the security is extremely high, but its process is extremely cumbersome, the examination requirements are strict, even a small spelling error may lead to non-conformity deduction or refusal to pay. At the same time, the high bank charges of letters of credit are more suitable for large transactions of new customers with large amounts and low mutual trust.

Question 5

What is the main reason why the bank accounts of many foreign trade peers have been frozen inexplicably?

Accepted Answer

The vast majority of accounts were frozen on suspicion of money laundering, receiving unidentified money or violating exchange controls. The most typical operation is to receive money from high-risk areas, or to settle remittances through non-compliant underground banks, resulting in the funds flowing into the account being the funds involved. To avoid this problem, companies must strictly review the qualifications of buyers, insist on public-to-public payments, keep complete customs declaration documents, and use formal cross-border payment platforms that are strictly regulated.

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